Financial Results for the Half Year Ended 30 June 2019

Summerset Group Holdings Limited
Level 27 Majestic Centre, 100 Willis St, Wellington
PO Box 5187, Wellington 6140
Phone: 04 894 7320 | Fax: 04 894 7319
Website: www.summerset.co.nz


MEDIA RELEASE

13 AUGUST 2019

FIRST HALF UNDERLYING PROFIT OF $48M, UP 6%


• Underlying profit for 1H19 of NZ$47.8 million, up 6% on 1H18
• Reported (IFRS) profit after tax of NZ$92.6 million, down 4% on 1H18
• Total assets of NZ$3.0 billion, up 24% on 1H18
• Six new sites acquired this year
• 139 new retirement units delivered
• 278 total sales of occupation rights
• Interim dividend of NZ 6.4 cents per share
• Development margin of 28.4%

Retirement village operator Summerset Group Holdings Limited has announced an underlying
profit of $47.8 million, a 6% increase on the first half of 2018.

Summerset CEO Julian Cook said results had been driven by strong demand at Ellerslie and
Hobsonville villages.

“Ellerslie and Hobsonville were our top sellers this half despite the slower Auckland housing
market,” Mr Cook said.

Reported (IFRS) profit was $92.6 million, down 4% on the same period last year. IFRS profit
includes fair value movement on investment property.

“The fair value movement reflects ongoing strong value growth across the business and is close
to the increase seen in the prior comparable period. This is despite the flattening property
market in some areas of the country,” said Mr Cook.

Mr Cook said the company had purchased six new sites since the start of this year. These are
located in Blenheim, Rangiora, Cambridge, Milldale, Waikanae and Whangarei.

“These purchases reflect our desire to buy sites in urban fringe locations, retirement
destinations, and high growth regional centres. These sites are attractive from a financial return,
risk, and demand perspective,” he said.

The additional sites have lifted Summerset’s land bank to nearly 5,000 retirement units, the
largest in the sector.

Summerset delivered 139 new homes in the half year. Mr Cook said the company expects to
deliver around 350 homes this year, with a further 150 retirement units to be completed in the
main buildings at Casebrook and Rototuna in the first half of 2020.

Summerset is opening three new villages this year, in Avonhead (Christchurch), Kenepuru
(Wellington), and Richmond (Tasman).

“We’ve been very pleased with pre-sales interest and settlements for the new villages,” Mr Cook
said.

Summerset reported a development margin of 28.4%, down from 33.0% for the same period last
year. This is in line with the company’s longer term expectations of development margins in the
20-25% range.

Total assets grew to $3.0 billion, up 24% on the same period last year.

Last year Summerset committed to reducing its impact on the environment through CEMARS
(Certified Emissions Measurement and Reduction Scheme) certification.

“We were delighted to become the first retirement village operator in New Zealand to be certified
carboNZero and have also become a member of the Climate Leaders Coalition this year,” said
Mr Cook.

Summerset continues to explore expansion across the Tasman.

“We are in the process of carrying out due diligence on a number of potential sites in Melbourne,
Victoria. We are seeing a good range of opportunities and will continue to be prudent with our
approach”.

The board has declared an unimputed interim dividend of NZ 6.4 cents per share. The record
date will be Tuesday 27 August 2019 and payment date Monday 9 September 2019.


ENDS

For investor relations enquiries: For media enquiries:
Scott Scoullar Jenny Bridgen
CFO and Deputy CEO Communications Manager
scott.scoullar@summerset.co.nz jenny.bridgen@summerset.co.nz
029 894 7317 021 408 215


ABOUT SUMMERSET

• Summerset is one of the leading operators and developers of retirement villages in New
Zealand, with 28 villages completed or in development across the country. In addition,
Summerset has 10 sites for development in Milldale (Auckland), Parnell (Auckland), St
Johns (Auckland), Rangiora (Canterbury), Waikanae (Kapiti Coast), Blenheim
(Marlborough), Pohutukawa Place (New Plymouth), Whangarei (Northland), Cambridge
(Waikato) and Lower Hutt (Wellington), bringing the total number of sites to 38.
• It provides a range of living options and care services to more than 5,000 residents.
• Silver Award winner of the Reader’s Digest Quality Service Awards in 2019.
• The Summerset Group has villages in Aotea, Avonhead, Casebrook, Dunedin, Ellerslie,
Hamilton, Hastings, Havelock North, Hobsonville, Karaka, Katikati, Kenepuru, Levin,
Manukau, Napier, Nelson, New Plymouth, Palmerston North, Papamoa Beach,
Paraparaumu, Richmond, Rototuna, Taupo, Te Awa, Trentham, Wanganui, Warkworth
and Wigram.

---

Half year results
presentation
Six months ended 30 June 2019
Summerset Group Holdings Limited
13 August 2019

Agenda
1
2
3
5
4
1H19 result highlights
Business overview
Financial results
Interim dividend
Appendix
1H19 results presentation
2

1H19 result
highlights

1H19 result highlights
Underlying profit up 6% from 1H18
1H19 results presentation
4
* Underlying profit differs from NZ IFRS reported profit after tax. The measure has been reviewed by Ernst & Young. Refer to theappendix for a reconciliation between the two measures, and note 2 of the financial
statements for detail on the components of underlying profit
1H191H18VarianceFY18
Financial (NZ$m)
Net profit before tax (IFRS)92.197.2-5%216.2
Net profit after tax (IFRS)92.696.4-4%214.5
Underlying profit*47.845.26%98.6
Total assets3,0282,45124%2,766
Net operating cash flow93.392.81%217.8
Operational
New sales of occupation rights136145-6%339
Resales of occupation rights142154-8%301
Total sales of occupation rights278299-7%640
New retirement units delivered139165-16%454

1H19 result highlights
1H19 results presentation
5
139retirement units delivered in 1H19, total assets $3.0b
IFRS profit after tax of $92.6m
Underlying profit of $47.8m, up 6% on 1H18
Delivered 139 retirement units in 1H19
First half development margin of 28.4%
Resale gain of 23.4% consistent with 1H18
Operating cash flow of $93.3m
Gearing ratio of 31.3%
Total assets now $3.0b, up 24% on 1H18 at $2.5b
Interim dividend of 6.4 cents per share declared
Land bank of 4,883 retirement units to support a lift in average build rate
of 600 retirement units in the next two to three years

1H19 result highlights
Strong first half underlying profit result of $47.8m
1H19 results presentation
6
179
203
145
194
136
144
156
154
147
142
0
200
400
1H172H171H182H181H19
Occupation right sales
New sale of occupation rightsResales of occupation rights
$47.8m
$53.4m
$45.2m
$46.0m
$35.7m
$0m
$10m
$20m
$30m
$40m
$50m
$60m
1H192H181H182H171H17
Underlying profit
139
289
165
279
171
0
100
200
300
1H192H181H182H171H17
Retirement unit delivery
$3,028m
$2,766m
$2,451m
$2,216m
$1,932m
$0m
$500m
$1,000m
$1,500m
$2,000m
$2,500m
$3,000m
$3,500m
1H192H181H182H171H17
Total assets

Business
overview

Summerset snapshot
1H19 results presentation
8
Diversified portfolio throughout New Zealand
22 years of consistent delivery and growth
Total assets have grown almost five times since listing on the NZX in 2011
Portfolio of 3,871 retirement units (villas, apartments, serviced apartments and
memory care apartments) and 858 care beds
More than 5,300 residents
28 villages completed or under development
Six new greenfield sites at Blenheim (Marlborough), Cambridge (Waikato),
Rangiora (Canterbury), Whangarei (Northland), Milldale (Auckland) and
Waikanae (Kapiti Coast)
An additional 1.3 hectares of land in Hobsonville purchased to expand our
existing site
Largest New Zealand land bank for a retirement village operator of 4,883
retirement units as at 30 June 2019

1H19 review
1H19 results presentation
9
139retirement units delivered, underlying profit of $47.8m*
Completed Warkworth village
Obtained resource consent for Papamoa Beach (Tauranga), which was also blessed
by local iwi
Announced six new land acquisitions in Blenheim (Marlborough), Cambridge
(Waikato), Rangiora (Canterbury), Whangarei (Northland), Milldale (Auckland),
Waikanae (Kapiti Coast) and purchased additional land to expand our Hobsonville
village
Delivered 139 retirement units and on track to deliver our planned 350 retirement
units in FY19. We have also progressed our new concept main buildings at
Casebrook and Rototuna totalling 152 deliveries in early 2020
Became the first retirement village operator in New Zealand to achieve CarboNZero
certification
Scott Scoullar named 2019 NZ CFO of the Year
Summerset Scene was awarded merit inthepublications category of the
International Association of Business Communicators' Gold Quill Awards
Our appeal to the Environment Court on the St John’s resource consent is to be
heard in September 2019 and currently awaiting Environment Court hearing result
for our proposed Lower Hutt village
* Underlying profit differs from NZ IFRS reported profit after tax. The measure has been reviewed by Ernst & Young. Refer to theappendix
for a reconciliation between the two measures, and note 2 of the financial statements for detail on the components of underlyingprofit

Summerset strategy
1H19 results presentation
10
Summerset builds, owns and operates retirement villages
Focus on continuum of care model
High quality care and facilities across all villages
Villages designed to integrate into local communities
Internal development and construction model
Nationwide brand offering
Customer centric philosophy –bringing the best of life
Currently seeking land in the greater Melbourne area, Australia

First NZ retirement group carboNZero certified
1H19 results presentation
11
Providing sustainability to the environment and community
Summerset became the first New Zealand CarboNZero certified retirement village group and received the first CEMARS (Certified
Emissions Measurement and Reduction Scheme) certification for a retirement village group in 2018 in New Zealand
Summerset has also signed up to the Climate Leaders Coalition, joining more than 100 of New Zealand’s business leaders to tackle
climate change and reduce carbon emissions in New Zealand
Our newest sponsorship is The Brook Waimarama Sanctuary in Nelson, the South Island's largest pest-free sanctuary and Summerset
is proud to play a role in supporting this amazing space. The sanctuary is home to the Nelson green gecko, crayfish, bellbirds, fantails,
tomtits and many more native species

Business update
1H19 results presentation
12
Residents engage with technology and the local community
▪We have launched the Community Connect pilot, an initiative to help our
residents solve their tech problems with the help of local school students.
As well as supporting our residents with their IT needs, the initiative also
hopes to foster local community and intergenerational connections
▪Our new care centre in Hobsonville gained a four year certification.
Wanganui also achieved four year certification, joining an ever increasing
number of certified facilities as we continually improve our quality systems
▪First Summerset Graduate Nurse Scholarship awarded, to support Massey
University students with their clinical placements
▪Summerset Connect was launched, with events attended by over 1,200
residents and members of the public to hear guest speakers talk within
Summerset villages
▪We have partnered with Dementia NZ to host public talks in many of our
villages to build awareness and reduce stigma associated with the disease
▪Held the inaugural Clinical Nurse Leader forum, for our Clinical Nurse
Leaders to network, share ideas and experiences from their roles

1H19 development activity
1H19 results presentation
13
Delivery of 139retirement units in 1H19 across six sites
Warkworth
HobsonvilleRototuna
AvonheadEllerslie
Casebrook

1H19 development activity
1H19 results presentation
14
Delivery of 139 retirement units in 1H19 across six sites
139 retirement units were delivered across six villages and on track to deliver 350 retirement units in FY19
Completion of Warkworth village
Hobsonville in final stages of existing site with continued development on the newly acquired 1.3 hectares to expand the site
Started construction on villages in Kenepuru (Wellington), Papamoa Beach (Tauranga) and Te Awa (Napier)
Well progressed on new concept main buildings in Rototuna and Casebrook for delivery of 152 retirement units in early 2020
Unit delivery 1H19VillasApartmentsServiced apartments
Total
retirement units
Total
care beds
Avonhead29--29 -
Casebrook31 --31 -
Ellerslie-2 -2 -
Hobsonville8 8 4 20 -
Rototuna34 --34 -
Warkworth23 --23 -
Total125 10 4 139 -

New land sites acquired
1H19 results presentation
15
Six new land sites acquired in 1H19
Blenheim (Marlborough)
Rangiora (Canterbury)Cambridge (Waikato)
Whangarei (Northland)
Milldale (Auckland)
Waikanae (Kapiti Coast)

Development pipeline
1H19 results presentation
16

Development margin
1H19 results presentation
17
First half realised margin of $27.1m with a 28.4% development margin
First half realised margin of $27.1m up 5% from $25.8m in 1H18
Development margin of 28.4% achieved in 1H19
Sales of new occupation rights were split 60% in the Auckland region
villages and 40% across the rest of our developing villages
Each developing village maintained consistent development margins
by product type
Over the medium to long term we expect development margins to be
approximately 20% to 25%
$15.6m
$23.4m
$21.3m
$29.7m
$25.8m
$37.9m
$27.1m
20.3%
23.6%
28.0%
26.9%
33.0%
33.3%
28.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
$0m
$5m
$10m
$15m
$20m
$25m
$30m
$35m
$40m
1H162H161H172H171H182H181H19
Realised development margin -half on half margins
Realised development margin ($m)Development margin (%)

New sales of occupation rights
1H19 results presentation
18
Gross proceeds of $95.3m, up 22%
136 new sales of occupation rights in 1H19
Gross proceeds were up 22% from 1H18
Average gross proceeds per new sale settlement of
$701k, up from $540k in 1H18
Serviced apartments and apartments new sales
increased 38% in total from 1H18
We continue to see strong demand for our product with
consistent waitlist numbers across our villages over the
past year
New sales1H191H18VarianceFY18
Gross proceeds ($m)95.378.322%192.0
Villas7197-27%235
Apartments377429%16
Serviced apartments2840-30%87
Memory care apartments01-100%1
Total occupation rights136145-6%339
190
219
171
279
165
289
139
183
231
179
203
145
194
136
0
50
100
150
200
250
300
0
50
100
150
200
250
300
1H162H161H172H171H182H181H19
New sales and retirement unit delivery
Retirement unit deliveryNew sale settlements

New sales stock remains historically low on a relative basis
Total new sales stock is consistent with FY18, with 322 in stock compared to 319 six months ago
30% reduction on serviced and memory care apartments uncontracted stock from FY18
Significant amount of villa deliveries in May and June have increased uncontracted villa stock in 1H19
New sales stock
1H19 results presentation
19
6.7%
4.1%
3.9%
3.3%
2.8%
2.4%
2.2%
4.4%
4.2%
5.8%
6.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
1H142H141H152H151H162H161H172H171H182H181H19
Available new sales uncontracted stock
New sales stock1H19FY181H18
Contracted7210181
Uncontracted250218143
Total new sales stock322319224
Contracted434555
Uncontracted15810262
Villas201147117
Contracted14385
Uncontracted44477
Apartments588512
Contracted151821
Uncontracted486974
Serviced & memory care apartments638795

Record embedded value
Realised resale gain remains consistent across at 23.4%
compared to 23.3% 1H18
Resales of 142 occupation rights in 1H19
Average gross proceeds per resale settlement of $430k, up from
$415k in 1H18
Embedded value of $179k per retirement unit, as at 30 June
2019, up from $156k as at 30 June 2018
Embedded resale gain of $117k per retirement unit, up from
$101k as at 30 June 2018
Resales of occupation rights
1H19 results presentation
20
Resales1H191H18VarianceFY18
Gross proceeds ($m)61.164.0-4%122.2
Realised resale gains ($m)14.314.9-4%28.7
Realised resale gains (%)23.4%23.3%0%23.5%
DMF realisation ($m)8.07.74%15.0
Villas7286-16%163
Apartments1022-55%48
Serviced apartments594531%87
Memory care apartments11-3
Total occupation rights142154-8%301
123
121
144
156
154
147
142
19.8%
17.3%
20.2%
23.0%
23.3%
23.7%
23.4%
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
1H162H161H172H171H182H181H19
Realised resale gain and volume
Resale settlementsRealised resale gains (%)
$159m
$199m
$274m
$327m
$346m
$392m
$452m
$109m
$124m
$145m
$170m
$189m
$217m
$242m
$m
$100m
$200m
$300m
$400m
$500m
$600m
$700m
$800m
1H162H161H172H171H182H181H19
Embedded value
Resales gain ($m)DMF ($m)

Resales stock levels remain low despite growing portfolio
Resales stock remains low with 66 retirement units under contract and 59 retirement units uncontracted at 1H19
Uncontracted resales stock as a percentage of the portfolio has remained stable over the last five years
We continue to see good demand for resale retirement units across all villages. On average only ~2 uncontracted retirement units per village
Resales stock
1H19 results presentation
21
Resales stock1H191H18FY18
Contracted665658
Uncontracted594753
Total resales stock125103111
Contracted422827
Uncontracted282533
Villas705360
Contracted586
Uncontracted1123
Apartments16109
Contracted192025
Uncontracted202017
Serviced & memory care apartments394042
1.6%
1.2%
1.1%
1.5%
1.0%
1.0%
1.2%
1.4%
1.4%
1.4%
1.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
1H142H141H152H151H162H161H172H171H182H181H19
Available resales uncontracted stock

Financial results

1H19 reported profit (IFRS)
1H19 net profit after tax of $92.6m
1H19 results presentation
23
IFRS NPAT of $92.6m for 1H19, driven by fair value movement in
investment property of $85.7m
Total revenue of $74.0m, up 13% relative to 1H18
Total expense growth for the period is 9%, significantly lower than
the average growth over the last three years of 25%
Total expenses relative to 2H18 have fallen by $2.5m
Total expenses were up $5.0m with the two largest drivers being:
Growing occupancy at Ellerslie and Hobsonville care centres
along with a growing portfolio
Pay increases of $2.5m, largely driven by increases to
Caregivers and Registered Nurses, which is partially funded by
Government
Expenses have benefited from $2.0m of savings being delivered
through prudent cost management and completing projects
Net finance costs of $6.8m are up $1.4m on 1H18 in line with
increase in debt levels
NZ$m1H191H18VarianceFY18
Total revenue74.065.713%137.0
Fair value movement of
investment property
85.792.8-8%209.9
Total income159.7158.41%346.9
Total expenses60.855.89%119.1
Net finance costs6.85.427%11.6
Net profit before tax92.197.2-5%216.2
Tax expense / (credit)(0.5)0.8-162%1.7
Net profit after tax92.696.4-4%214.5
* Fair value movement of investment property has been restated for 2018. Refer to note 1
comparative information in the financial statements for further details.

Fair value movement
$85.7m fair value movement of investment property
1H19 results presentation
24
Fair value movement of $85.7m, down 8% on 1H18
primarily driven by a reduction of 26 retirement unit
deliveries, approximately $7m impact
Fair value movement for 1H19 comprised of:
Increase in retirement unit pricing ($45.7m): retirement
unit price inflation on existing retirement units within the
portfolio resulting in uplift in operator’s interest
New retirement units built ($37.6m): value of new
retirement units delivered in 1H19
Discount rates ($0.2m) and growth rates ($3.6m):
change in assumptions used by valuer
Other movements ($5.7m): changes in all other
valuation assumptions
Refer to the appendices (slide 37 and 38) for key
assumptions associated with the investment property
valuation
* Fair value movement of investment property has been restated for 2018. Refer to note 1
comparative information in the financial statements for further details.
$85.7m
$37.6m
$0.2m
$5.7m
$3.6m
$45.7m
$-
$10m
$20m
$30m
$40m
$50m
$60m
$70m
$80m
$90m
Retirement unit
pricing
Value of new
retirement units
built
Discount rate
assumption
Growth rate
assumption
OtherFair value
movement
HY19
1H19 Fair value movement of investment property

1H19 underlying profit
Underlying profit up 6% on 1H18, 36% CAGR over last eight years
1H19 results presentation
25
1H19 underlying profit of $47.8m, up 6% on 1H18
Uplift in underlying profit principally driven by the maturing nature of
our operating business and strong margins on sales
Realised development margin of $27.1m achieved in 1H19, up from
$25.8m in 1H18
Realised gain on resales of $14.3m achieved in 1H19, driven by
Summerset’s diversified portfolio across regions with good price
appreciation
Underlying profit has seen a compounded annual growth rate
(CAGR) increase of 36% since listing on the NZX in 2011
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and therefore may not be
comparable to similar financial information presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to
monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a measure which the Group uses consistently across reporting periods. Underlying
profit is used to determine the dividend pay-out to shareholders.
NZ$m1H191H18VarianceFY18
Care fees and village
services
48.843.313%91.2
Deferred management
fees
25.122.312%45.6
Realised gain on resales14.314.9-4%28.7
Realised development
margin
27.125.85%63.7
Other income & interest
received
0.20.1165%0.2
Total income115.4106.48%229.4
Operating expenses56.952.98%112.4
Depreciation and
amortisation
3.92.935%6.7
Net finance costs6.85.427%11.6
Total expenses67.661.211%130.8
Underlying profit47.845.26%98.6

1H19 cash flows
New sale receipts up 18%
1H19 results presentation
26
Net operating business cash flows of $4.2m impacted by
One-off change in policy to repay outgoing residents when
residents internal to the village transfer into their retirement
units. These previously were not repaid until transferring
residents’ retirement units were on-sold. Typically 15-20
retirement units across the portfolio in this situation at any
point in time
Resales volumes being 12 retirement units lower half on
half, impacting net operating business cashflows by a
further $2m
Have seen a consistent maturing net operating cash flow since
listing with a 20% CAGR
Gross receipts from new sales were up 18% on 1H18 despite
lower sales volumes, 136 in 1H19 compared to 145 in 1H18
Investing cash flows have increased 11% on 1H18 driven by
construction of new villages
Refurbishment cost increase driven by programmed upgrade of a
number of older village main centres and care centres
NZ$m1H191H18VarianceFY18
Net operating business cash flow4.217.1-76%30.5
Receipts for residents' loans -new
sales
89.275.718%187.3
Net operating cash flow93.392.81%217.8
Sale / (purchase) of land1.4(2.0)-171%(54.7)
Construction of new IP & care
facilities
(102.5)(89.1)15%(213.7)
Refurb of existing IP & care facilities(4.1)(2.6)58%(6.4)
Other investing cash flows(1.9)(4.1)-54%(6.2)
Capitalised interest paid(5.4)(4.0)37%(9.3)
Net investing cash flow(112.5)(101.8)11%(290.4)
Net proceeds from borrowings37.831.420%103.7
Net dividends paid(10.0)(9.9)1%(17.8)
Other financing cash flows(7.0)(5.4)30%(13.4)
Net financing cash flow20.816.229%72.5

1H19 balance sheet
Total assets of $3.0b, up 24% from $2.5b in 1H18
1H19 results presentation
27
Total assets of $3.0b, up 24% on 1H18
Retained earnings have increased from $590m as at 1H18
to $770m as at 1H19. This continues to positively impact
balance sheet strength and company gearing ratios
Investment property valuation of $2.8b, up 24% on 1H18
Other assets include land and buildings (primarily care
centres). Care centres were valued as at 31 December 2017
(three yearly cycle), with the new Hobsonville care centre
recorded at cost and tested for impairment in FY18
Record NTA of 470.5 cents per share
Embedded value of $693.5m, $179k per retirement unit, as
at 30 June 2019:
$451.7m resale gains
$241.8m deferred management fees
NZ$m1H191H18VarianceFY18
Investment property *2,8242,26924%2,585
Other assets204.0181.412%181.3
Total assets3,0282,45124%2,766
Residents' loans1,2061,03716%1,136.8
Face value of bank loans &
bonds**
489.3379.329%451.5
Other liabilities278.3162.571%199.3
Total liabilities1,9741,57925%1,788
Net assets***1,054871.421%978.8
Embedded value693.5535.423%609.1
NTA (cents per share)470.5391.920%438.4
**Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbondissuecosts,
andfairvaluemovementonhedgedborrowings.
***Netassetsincludessharecapital,reserves,andretainedearnings.
* Investment property has been restated for 2018. Refer to note 1 comparative information in
the financial statements for further details.

Gearing ratio
Gross debt of $489.3m** and gearing ratio of 31.3%
1H19 results presentation
28
Gross debt of $489.3m as at 30 June 2019, up $110.1m from 30
June 2018
Uplift in gross debt driven by construction spend and land acquired
in 2H18
Bank facility of $500.0m with undrawn capacity of $235.7m at 30
June 2019
Retail bonds total $225.0m at as 30 June 2019
*Netassets(throughinvestmentproperty)havebeenrestatedfor2018.Refertonote1
comparativeinformationinthefinancialstatementsforfurtherdetails.
**Facevalueofdrawnbankdebtandretailbonds.Excludescapitalisedandamortisedbond
issuecosts,andfairvaluemovementonhedgedborrowings
***Gearingratiocalculation(netdebt/netdebtplusbookequity)differsfromtheSummerset
Group’sbankandbondLVRcovenant(TotalDebtoftheSummersetGroup/PropertyValueof
theSummersetGroup)
NZ$m1H191H18VarianceFY18
Face value of bank loans
& retail bonds **
489.3379.30.3451.5
Cash and cash
equivalents
(9.1)(14.7)(0.4)(7.5)
Net debt480.2364.532%444.0
Net assets*1,054871.421%978.8
Gearing ratio (%)***31.3%29.5%6.1%31.2%
Bank & bond LVR (%)***32.8%31.4%-0.4%32.3%
$263m
$274m
$315m
$348m
$379m
$452m
$489m
36.1%
32.7%
32.5%
30.2%
29.5%
31.2%
31.3%
0%
10%
20%
30%
40%
50%
$0m
$100m
$200m
$300m
$400m
$500m
$600m
1H162H161H172H171H182H181H19
Gross borrowings and gearing ratio
Bank loans & retail bondsGearing ratio (%)

$173m
$169m
$173m
$225m
$216m
$217m
$-
$100.0m
$200.0m
$300.0m
$400.0m
$500.0m
$600.0m
$700.0m
Net debt FY18Underlying assets
FY18
Net debt 1H19Underlying assets
1H19
Net debt* to underlying assets -FY18 & 1H19
Net DebtUndeveloped LandDevelopment WIPUnsold Stock
Composition of drawn debt
Strong asset backing to net debt
1H19 results presentation
29
Development projects are debt funded. Development assets
exceed the value of net debt by $211m and 44%. This has lifted
by $93m or 79% from December 2018
All debt is associated with development activities
Development assets could be realised to reduce debt
Total underlying assets of $611m are made up of:
Undeveloped land of $169m
Development WIP of $225m
Vacant new sale stock of $217m
*Facevalueofdrawnbankdebtandretailbondslesscashonhand
$480m
$611m
$562m
$444m
$131m excess assets$118m excess assets

Interim dividend

1H19 interim dividend
Declared 1H19 interim dividend of 6.4 cents per share
1H19 results presentation
31
The Board has declared an interim dividend of 6.4 cents per share,
unimputed. This compares to a 2018 interim dividend of 6.0 cents per share
This represents a pay-out for the first half of 2019 of approximately $14.5
million and is 30% of 1H19 underlying profit
The dividend reinvestment plan (DRP) will apply to this dividend enabling
shareholders to take shares in lieu of the cash dividend
A discount of 2% will be applied when determining the price per share of
shares issued under the DRP
Eligible investors wishing to take up the DRP must register by 5pm NZT on
Wednesday 28 August 2019. Any applications received on or after this time
will be applied to subsequent dividends
The interim dividend will be paid on Monday 9 September 2019. The
record date for final determination of entitlements to the interim dividend is
Tuesday 27 August 2019
The dividend policy remains 30% to 50% of underlying profit for the full year
period. As previously indicated, dividend payments are likely to continue to
be at the bottom end of this range given the growth opportunities present for
the business at this time
$3.0
$4.0
$5.7
$8.7
$13.5
$14.5
$5.4
$7.0
$4.6
$7.5
$11.3
$15.9
$16.2
$-
$5m
$10m
$15m
$20m
$25m
$30m
FY12FY13FY14FY15FY16FY17FY18FY19
Dividend payout per year
InterimFinal
1.4
1.9
2.6
3.9
6.0
6.4
2.5
3.3
2.1
3.4
5.1
7.1
7.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
FY12FY13FY14FY15FY16FY17FY18FY19
Dividend per share by year
InterimFinal

Questions?
1H19 results presentation
32

Disclaimer
1H19 results presentation
33
This presentation may contain projections or forward looking statements regarding a variety of items. Such forward looking statements are
based upon current expectations and involve risks and uncertainties
Actual results may differ materially from those stated in any forward looking statement based on a number of important factors and risks
Although management may indicate and believe the assumptions underlying the forward looking statements are reasonable, any ofthe
assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward
looking statements will be realised
Furthermore, while all reasonable care has been taken in compiling this presentation, Summerset accepts no responsibility forany errors or
omissions
This presentation does not constitute investment advice

Appendix

9 year metrics summary
1H19 results presentation
35
*Compoundannualgrowthrate
**UnderlyingprofitdiffersfromNZIFRSreportedprofitaftertax.ThemeasurehasbeenreviewedbyErnst&Young.Refertotheappendixforareconciliationbetweenthetwomeasures,andnote
2ofthefinancialstatementsfordetailonthecomponentsofunderlyingprofit
Underlying profit 8 year CAGR of 36%
Half Year Results
8 Year
CAGR*
1H192H181H182H171H172H161H16FY11
Operational
New sales of occupation rights12%136194145203179231183108
Resales of occupation rights11%142147154156144121123123
Total sales12%278341299359323352306231
New retirement units delivered11%139289165279171219190122
Retirement units in portfolio13%3,8713,7323,4433,2782,9992,8282,6091,486
Care beds in portfolio13%858858858806748748621327
Financial
Total revenue ($m)20%74.071.365.759.850.746.040.033.7
Net profit after tax ($m)60%92.6118.196.4133.290.394.950.64.3
Underlying profit** ($m)36%47.853.445.246.035.731.924.78.1
Net operating cash flow ($m)20%93.3217.892.8121.386.4108.284.443.7
Total assets ($m)22%3,0282,7662,4512,2161,9321,7071,521616.9
Total equity ($m)21%1,054978.8871.4785.8627.6545.6448.7233.4
Interest bearing loans and
borrowings ($m)
28%499.8452.8379.7347.2315.3274.0262.769.1
Cash and cash equivalents ($m)0%9.17.514.77.613.18.79.49.0
Gearing ratio (Net D/ Net D+E)5%31.3%31.2%29.5%30.2%32.5%32.7%36.1%20.5%
EPS (cents) (IFRS profit)56%41.6653.4843.7660.8641.3743.623.32.39
NTA (cents)20%470.47438.44391.86347.56285.72249.9206.1109.3
Development margin (%)21%28.4%33.3%33.0%26.9%28.0%23.6%20.3%6.2%

1H19 underlying profit reconciliation
Reconciliation of underlying profit to reported net profit after tax
1H19 results presentation
36
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised meaning prescribed by GAAP and therefore may not be
comparable to similar financial information presented by other entities. The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised
and unrealised components of fair value movement of investment property and tax expense in the Group’s income statement. The measure is used internally in conjunction with other measures to
monitor performance and make investment decisions and has been reviewed by Ernst & Young. Underlying profit is a measure which the Group uses consistently across reporting periods. Underlying
profit is used to determine the dividend pay-out to shareholders.
NZ$m
1H191H18VarianceFY18
Reported net profit after tax92.696.4-4%214.5
Less fair value movement of investment
property
(85.7)(92.8)-8%(209.9)
Add realised gain on resales14.314.9-4%28.7
Add realised development margin27.125.85%63.7
Add/(less) deferred tax expense/credit(0.5)0.8-162%1.7
Underlying profit47.845.26%98.6

Fair value movement
Fair value movement of investment property –key assumptions
1H19 results presentation
37
*Valueofnon-landcapitalworkinprogressnotrepresentedintheabovetable
Fair value movement of
investment property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$mDiscount rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset by the ParkManukau143.51.113.50%0.0%1.0%2.5%3.0%3.5%
Summerset by the LakeTaupo59.43.615.75%0.0%0.5%1.5%2.5%3.5%
Summerset in the BayNapier69.31.214.00%0.0%1.0%2.0%2.5%3.5%
Summerset in the OrchardHastings78.24.915.00%0.0%0.5%1.0%2.5%3.5%
Summerset in the VinesHavelock North61.02.314.75%0.0%1.0%2.0%2.5%3.5%
Summerset in the River CityWanganui29.81.416.00%0.5%1.0%1.5%2.0%2.5%
Summerset on SummerhillPalmerston North47.72.414.75%0.5%1.0%2.0%2.5%3.0%
Summerset by the RangesLevin27.70.815.75%0.5%1.0%1.5%2.0%3.0%
Summerset on the CoastParaparaumu54.83.814.50%0.5%1.0%2.0%2.5%3.5%
Summerset at AoteaAotea99.35.014.25%0.5%1.0%2.0%2.5%3.5%
Summerset in the SunNelson147.44.314.00%0.0%1.0%1.0%2.5%3.5%
Summerset at BishopscourtDunedin47.70.914.75%0.5%1.0%1.5%2.5%3.0%
Summerset down the LaneHamilton128.71.214.00%0.5%1.0%2.0%2.5%3.5%
Summerset Mountain ViewNew Plymouth71.82.014.75%0.0%0.5%1.5%2.5%3.0%
Summerset FallsWarkworth179.58.314.00%0.5%1.5%2.0%3.0%3.5%
Summerset at KarakaKaraka182.12.414.25%0.5%1.0%2.0%2.5%3.5%
Summerset at WigramWigram119.90.214.50%0.0%1.5%2.0%3.0%3.5%
Summerset at the CourseTrentham161.15.814.00%0.0%0.5%2.0%2.5%3.5%
Summerset by the SeaKatikati94.90.115.00%0.0%0.5%1.5%2.5%3.5%
Total for completed villages1,803.851.6

Fair value movement
Fair value movement of investment property –key assumptions
1H19 results presentation
38
*Valueofnon-landcapitalworkinprogressnotrepresentedintheabovetable
Fair value movement of
investment property
Value of
investment
property*
Fair value
gain/(loss)
Key valuation assumptions
VillageLocationNZ$mNZ$mDiscount rate
Growth rate
Yr 1
Growth rate
Yr 2
Growth rate
Yr 3
Growth rate
Yr 4
Growth rate
Yr 5+
Summerset at Monterey ParkHobsonville250.89.014.00%0.5%1.0%2.0%2.5%3.5%
Summerset at Heritage ParkEllerslie170.91.915.00%0.0%1.0%2.0%2.5%3.5%
Summerset RototunaRototuna61.65.016.50%0.0%1.0%2.0%2.5%3.5%
Summerset on CavendishCasebrook73.110.216.25%0.0%1.0%2.0%3.0%3.5%
Summerset RichmondRichmond9.80.1n/an/an/an/an/an/a
Summerset AvonheadAvonhead29.05.5n/an/an/an/an/an/a
Summerset on the LandingKenepuru14.30.4n/an/an/an/an/an/a
Summerset Te AwaTe Awa10.30.9n/an/an/an/an/an/a
Summerset by the DunesPapamoa22.30.9n/an/an/an/an/an/a
Total for villages in development642.133.8
Total for proposed villages163.30.2
Total for all villages2,609.285.7

Portfolio as at 30 June 2019
3,871 retirement units and 858 care beds
1H19 results presentation
39
Existing portfolio -as at 30 June 2019
VillageVillasApartmentsServiced & memory care apartmentsTotal retirement unitsTotal care beds
Ellerslie34 79 57 170 58
Hobsonville125 73 52 250 52
Karaka182 -59 241 50
Manukau89 67 27 183 54
Warkworth202 2 44 248 41
Auckland632 221 239 1,092 255
Hamilton183 -50 233 49
Rototuna90 --90 -
Taupo94 34 18 146 -
Waikato367 34 68 469 49
Katikati156 -20 176 49
Bay of Plenty156 -20 176 49
Hastings146 5 -151 -
Havelock North94 28 -122 45
Napier94 26 20 140 48
Hawke's Bay334 59 20 413 93
New Plymouth108 -40 148 52
Taranaki108 -40 148 52
Levin64 22 10 96 41
Palmerston North90 12 -102 44
Wanganui70 18 12 100 37
Manawatu-Wanganui224 52 22 298 122
Aotea96 33 38 167 -
Paraparaumu92 22 -114 44
Trentham231 12 40 283 44
Wellington419 67 78 564 88
Nelson214 -55 269 59
Nelson-Tasman214 -55 269 59
Avonhead29 --29 -
Casebrook100 --100 -
Wigram159 -53 212 49
Canterbury288 -53 341 49
Dunedin61 20 20 101 42
Otago61 20 20 101 42
Total2,803 453 615 3,871 858

Summerset growth
22 years of consistent delivery and growth
1H19 results presentation
40
-
129
219
407
470
528
652
732
795
921
983
1,109
1,272
1,364
1,486
1,646
1,855
2,116
2,419
2,828
3,278
3,732
129
90
188
63
58
124
80
63
126
62
126
163
80
122
160
209
261
303
409
450
454
139
129
219
407
470
528
652
732
795
921
983
1,109
1,272
1,352
1,486
1,646
1,855
2,116
2,419
2,828
3,278
3,732
3,871
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
19971998199920002001200220032004200520062007200820092010201120122013201420152016201720181H19
Retirement units
Summerset build rate
Existing unitsNew retirement units delivered

Future development
1H19 results presentation
41
Largest NZ land bank for retirement village operator
Landbank –as at 30 June 2019
VillageVillasApartmentsServiced apartmentsTotal retirement unitsTotal care beds
Whangarei214 -76 290 43
Northland 214 -76 290 43
Ellerslie8 140 -148 -
Hobsonville32 --32 -
Milldale99 117 76 292 43
Parnell-264 76 340 48
St Johns-236 76 312 32
Auckland139 757 228 1,124 123
Papamoa211 -76 287 43
Bay of Plenty211 -76 287 43
Cambridge214 -76 290 43
Rototuna98 -76 174 43
Waikato312 -152 464 86
Pohutukawa Place222 -76 298 43
Taranaki222 -76 298 43
Te Awa241 -76 317 43
Hawke's Bay241 -76 317 43
Kenepuru114 48 106 268 43
Lower Hutt42 109 66 217 30
Waikanae214 -76 290 43
Wellington370 157 248 775 116
Richmond234 -76 310 43
Blenheim140 -76 216 43
Nelson374 -152 526 86
Avonhead136 -99 235 43
Casebrook170 -76 246 43
Rangiora245 -76 321 43
Canterbury551 -251 802 129
Total2,6349141,3354,883712
* Land bank reflects current intentions as at 30 June 2019

Customer profile & occupancy
Occupancy, tenure and resident demographic statistics
1H19 results presentation
42
Occupancy within our established care centres is stable, with an average
occupancy of 97% for 1H19
Average tenure on 1H19 resale retirement units was 5.8 years for villas, 7.1
years for independent apartments, and 2.0 years for serviced and memory
care apartments. This is aligned with previous years’ resale tenure results,
with apartments being skewed by a small sample size of 10 resale
settlements
Average entry age on 1H19 new and resale retirement units was 79, 80 and
86 years for villas, independent apartments and serviced and memory care
apartments, respectively
* Average tenure has been calculated using the previous resident’s occupancy on resales within the reporting period
98%
96%
96%
96%
97%
0%
20%
40%
60%
80%
100%
1H172H171H182H181H19
Occupancy -established care centres
5.0
5.0
4.9
5.6
5.8
4.7
4.5
3.3
4.9
7.1
1.4
1.9
2.0
2.3
2.0
0
1
2
3
4
5
6
7
1H172H171H182H181H19
Average tenure (years) on resales*
VillasApartmentsServiced & memory care apartments
78.9
79.7
79.3
78.0
78.7
82.5
80.1
78.7
81.0
80.4
85.9
85.9
85.5
85.0
85.8
60.0
65.0
70.0
75.0
80.0
85.0
90.0
1H172H171H182H181H19
Average entry age of residents (years)
VillasApartmentsServiced & memory care apartments

Demographics
1H19 results presentation
43
Population over 75 years forecast to grow 245% from 2018 to 2068
Source: Statistics New Zealand –National Population Projections
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
199720022007201220182023202820332038204320482053205820632068
Population growth 75 years and over
NZ population 75+ (left hand axis)
% population 75+ (right hand axis)
0
5,000
10,000
15,000
20,000
25,000
30,000
1997-20022002-20072007-20122012-20182018-20232023-20282028-20332033-20382038-20432043-20482048-20532053-20582058-20632063-2068
Per annum population growth 75 years and over
NZ Population 75+ Per Annum Growth

---

Half Year Report 2019

Cover image: Barry Watson enjoying his Wigram villa gardens.
Inside cover image: Wigram residents enjoying a competitive game of bowls.
This document is printed on an environmentally responsible paper produced using Elemental Chlorine
Free (ECF) pulp sourced from sustainable and legally harvested farmed trees, and manufactured
under the strict ISO14001 Environmental Management System.

Contents
Summerset Snapshot5
Chair and CEO Report6
Financial Statements12
Directory28
Company Information30

HALF YEAR REPORT 2019
4

SUMMERSET SNAPSHOT
5
Summerset Snapshot
More than
5,300
residents
More than
1,500
staff members
28
Villages completed or
under development
10
Greenfield sites
3,871
Retirement units in portfolio
858
Care beds in portfolio
Land bank of
4,883
retirement units
Land bank of
712
care beds
Sales of
278
occupation rights
28.4%
Development margin

HALF YEAR REPORT 2019
6
Chair and CEO
Report
Welcome to Summerset’s half year report for the six months ended 30 June
2019. The business has performed robustly over the last six months and we
continue to lay the platform for ongoing growth.

In the first half of 2019 we recorded $92.6 million net
profit after tax, down 4% on the same period last year,
and $47.8 million underlying profit, up 6% on the first six
months of 2018. Overall, this is a pleasing result given
the slow property markets in Auckland and Christchurch.
In the six months to 30 June 2019, we built 139 retirement
units and recorded 136 new sales and 142 resales. Total
sales results are comparable with those of the first half
of 2018, although the mix has changed slightly, with
growing serviced apartment sales reflecting the
increased emphasis on this offering over time.
As signalled in the release of our first quarter sales results,
we continue to see increased settlement times for
residents selling their home before entering our villages
in Auckland and Christchurch. Overall, however, we are
still seeing a strong demand. Ellerslie and Hobsonville,
both in Auckland, were our top two villages in terms of
new sales settlements in the first half of the year. Our
resales portfolio continues to perform well, with only 59
retirement units available for sale nationally.
In the second half of this year we are officially opening
three new villages, in Avonhead (Christchurch),
Kenepuru (Wellington), and Richmond (Tasman). These
sites have already seen good levels of pre-sales interest
and settlements. We expect this will result in an increase
in our new sales settlements in the second half of the
year and this will be reflected in our financial results.
Growth and development
This half year we have announced the acquisition of six
new sites. These are in Waikanae (Kapiti Coast), Milldale
(Auckland), Whangarei (Northland), Cambridge
(Waikato), Rangiora (Canterbury) and Blenheim
(Marlborough), all areas with good underlying demand
and attractive local economies. We also recently
purchased additional land to expand our Hobsonville
village.
This continues our focus on buying a mix of broadacre
sites in urban fringes, retirement destinations, and high-
growth regional centres. When added to our urban sites
– including Ellerslie, St Johns, Parnell and Lower Hutt –
these acquisitions will give us a diverse offering of new
villages across the country.
Our land bank now totals over 4,800 retirement units
across 9 brownfield and 10 greenfield sites. This is the
largest land bank in our sector in New Zealand and
positions us well for ongoing growth.
Over the next two to three years we will focus on gaining
the relevant consents to start development at sites
acquired over the last 18 months. We aim to increase
the number of sites on which we are delivering
retirement units from the current seven to around 10–14
at any one time.

CHAIR AND CEO REPORT
7
Development at Casebrook is progressing with the main building to be delivered in the first half of 2020
Consenting activity is on track and we have grown the
capability in our development team over the last year to
ensure we are able to handle the increasing workload.
In the first half of this year we gained consents in
Papamoa Beach (Tauranga) and for our additional parcel
of land at Casebrook (Christchurch).
At the time of writing we are awaiting a decision on our
Lower Hutt village resource consent application,
following an Environment Court hearing in June. Last
year we asked for a direct referral of our resource
consent application to the Environment Court. We have
held this land since 2012 and have been engaged in a
lengthy process to gain consent, despite Hutt City
Council identifying a clear need for new retirement
villages in the Hutt Valley. We have a prospect list of more
than 300 people for the village, which indicates the
latent demand for quality retirement living in the
Wellington region.
Last year, our resource consent for the St Johns site in
Auckland was declined. We launched an appeal to this
decision in the Environment Court, and the hearing is
expected to take place around the release of this half
year report. We are continuing to progress design and
consent applications for our Parnell village, which is
close to the Parnell train station and Auckland Domain.
We have also recently purchased an additional hectare
of land adjacent to our highly successful Hobsonville
village. We plan to use the site for 30 new independent
living units, including a number of premium waterfront
dwellings.
In the construction space, our sites are running well. We
expect to build around 350 retirement units this year,
with an additional 150 units to be completed in the first
half of 2020. The 150 units will be in the new main
buildings at Casebrook and Rototuna.
Looking further ahead, the increased number of sites we
plan to build on will give us options to change our supply
of units to match demand around the country.
We have adopted the Aconex Field system to manage
defects and variations in our construction business. This
allows our site personnel to use their phones to take
pictures of issues that need the attention of contractors.
We are very pleased with the way this new system
resolves issues efficiently.
Expansion across the Tasman
In February, we signalled that we were looking for land
in Victoria, Australia. We are currently in the process of
carrying out due diligence on a number of potential sites.
Melbourne’s residential property market has continued
to fall since February, with year-on-year prices down
around 10% (compared to 8–9% in February). Over the
last few months, the rate of decline has slowed
considerably and there are clear signs the market is
flattening. This appears to have been driven by
regulatory changes that allow banks to lend more money
to homeowners, a reduction in interest rates by the
Reserve Bank of Australia, and the Liberal Party’s victory
in the May federal election. This result saw the end of
the Labor Party’s policy to remove negative gearing on
investment properties. We are seeing a range of good
opportunities in the Victorian market but will continue to
be prudent in our approach.

HALF YEAR REPORT 2019
8
Residents enjoying a game of cards at Summerset at the Course
Operations and care
Performance in our care business continues to track well,
with occupancy for the first six months of the year steady
at 96%, versus 89% for the sector overall.
We continue to see shortages in the nursing workforce.
Pleasingly, the government has placed aged-care
registered nurses back on the Long Term Skill Shortage
List. Nurses are a critical component of our care
operation and we have been lifting wages to ensure we
remain an attractive employer. From an earnings
perspective, we have been able to manage this through
high occupancy and a good base of premium charges.
We have achieved New Zealand Immigration employer
accreditation, which will give us the option of recruiting
internationally, and we have a number of other initiatives
underway to help us attract and develop nurses.
In the 2018 Annual Report, we noted that the Aged
Residential Care funding model was under review. At
the time of writing, the draft report of the findings from
this review was not yet public.
We continue to watch the Australian Royal Commission
into Aged Care Quality and Safety closely. A key
observation of the inquiry to date is the wide range of
issues affecting the provision of quality care for retired
people. These include the complexity of the funding
system, waiting lists for provision of care, and
government funding levels.
Residents
Last year, we maintained our leading resident
satisfaction scores of 95% for retirement village
residents and 97% for care residents. Sustaining high
levels of resident satisfaction is always a key focus.
This year, we are looking to reinvigorate exercise
programmes in our villages as part of enhancing resident
wellness.
Access to technology is increasingly
important for our residents, and we
have started to install fibre
broadband in our new and existing
villages.
Our Casebrook and Rototuna villages were the
first to
have fibre broadband installed at the time of
construction, and all of our new villages will follow this
approach. Among our older villages, Aotea’s copper
network has been replaced by fibre and our Wanganui
village will soon follow. We are working closely with fibre
providers across the country to seek ongoing conversion
of all our older villages to fibre.
We also started piloting technology-focused meetings
between residents and secondary school students at our
Trentham village in May. Local students come to the
village to help residents improve their online and
technology skills; this has been a positive experience for
both parties.

CHAIR AND CEO REPORT
9
Our People
In the health and safety space, we have recently received
tertiary accreditation with the ACC Accredited
Employers Programme. We entered this programme in
2017 and were awarded secondary accreditation last
year. Our move to tertiary accreditation is testimony to
the progress we are making in health and safety.
We have been a member of the Business Leaders’ Health
and Safety Forum for a number of years. This is a group
of leading New Zealand companies that have pledged to
improve health and safety across the country. In the area
of construction, we have joined the Vertical Industry
Leaders Group, a network of leading companies involved
in multi-storey construction. Through this we are
involved at the forefront of industry initiatives to reduce
risk and harm among construction workers. We have
seen a steady reduction in harm rates on our
construction sites over the last three years and are
committed to continuing progress toward making our
worksites safer.
In addition, we have started a programme in our
construction team to promote discussion and
awareness about the importance of mental health, and
one in our care and operations team focusing on anti-
bullying. These are some of the first dedicated wellness
initiatives we have rolled out across the business, and we
are planning more for the future.
Over the last three years we have offered free
Summerset shares to our staff to say thank you for their
part in bringing the best of life to our residents. We
provide eligible employees with $800 worth of
Summerset shares at no cost, and the shares vest after
employees have worked for us continuously for three
years. We have just completed our fourth share offer, and
the first tranche of shares (issued in 2016) will vest for
over 300 staff this year. Many of our staff have elected
to hold their shares on vesting, which we believe is
indicative of the belief they have in Summerset.
Summerset’s place in the community
This year we partnered with Dementia New Zealand to
deliver talks aimed at the general public and our
residents to build awareness and understanding of
dementia. This is part of an ongoing campaign to
destigmatise dementia, and to provide education about
this increasingly common condition and the support
services available in the community for those living with
dementia.
Last year, we became the first retirement village and
aged-care operator to be accredited by Certified
Emissions Measurement and Reduction Scheme
(CEMARS). We have furthered this commitment to
sustainable practices in our business with carboNZero
certification whereby we have purchased carbon credits
to offset our emissions. We are the first in our sector to
do this and encourage others to follow.
We have also joined the Climate Leaders Coalition as part
of our commitment to making sustainable change.
Over time we plan to deepen
Summerset’s positive contribution
to sustainability and the
communities we are part of.
We added Nelson’s Brook Waimarama Sanctuary to our
sponsorship portfolio this year, alongside our continued
support for the Orokonui Ecosanctuary in Dunedin. We
are delighted to be backing organisations involved in
sustaining New Zealand’s natural environment.
Like the rest of the country, we were deeply saddened
by the Christchurch mosque shootings. Residents and
staff, supported with a Summerset donation, raised
$44,000 to assist the victims of the attacks. The money
was donated to Victim Support with our heartfelt best
wishes to all those affected.
Looking ahead
When Summerset was founded 21 years ago, our goal
was to build 20 villages in 20 years. With the imminent
launch of three new villages on top of the 23 villages we
already operate, and a strong pipeline of growth ahead
of us, we have reason to feel confident about the future.
Our integrated care model has continued to play an
important part in our business as the population ages –
as does the innovative approach we take to giving
residents choice, certainty and community.
As always, it is a pleasure to present this report to our
investors. We will keep working hard to deliver financial
results for shareholders, while also ensuring the standard
of our retirement living and care services is at a level we
can continue to be proud of.
We would like to thank our residents, their families, and
our hard-working staff for everything they contribute
towards making Summerset a wonderful place to live
and work.
Rob Campbell
Julian Cook
ChairChief Executive Officer

HALF YEAR REPORT 2019
10
Half Year Financial
Highlights
$92.6m
Net profit after tax 1H2019
4%
Decrease on 1H2018
$47.8m
Underlying profit 1H2019
6%
Increase on 1H2018
$3.0b
Total assets 1H2019
24%
Increase on 1H2018
$93.3m
Operating cash flow 1H2019
1%
Increase on 1H2018

HALF YEAR FINANCIAL HIGHLIGHTS
11
Half Year Financial
Highlights
Results Highlights - Financial
1H2019
1H2018
1
% ChangeFY2018
Net profit before tax (NZ IFRS) ($000)92,08297,233-5.3%216,173
Net profit after tax (NZ IFRS) ($000)92,60196,394-3.9%214,503
Underlying profit ($000)
2
47,78545,2165.7%98,611
Total assets ($000)3,027,8912,450,55923.6%2,766,367
Net tangible assets (cents per share)470.47391.8620.1%438.44
Net operating cash flow ($000)
93,33192,8090.6%217,803
1 Fair value movement of investment property and the investment property balance have been restated for 1H2018. Refer to note 1 of the financial statements for further
details.
2 Underlying profit differs from NZ IFRS profit for the period
Results Highlights - Operational
1H20191H2018% ChangeFY2018
New sales of occupation rights
136145-6.2%339
Resales of occupation rights
142154-7.8%301
New retirement units delivered139165-15.8%454
Realised development margin ($000)27,10825,8225.0%63,683
Gross proceeds (new sales) ($000)95,34978,34521.7%191,963
Realised gains on resales ($000)
14,30514,915-4.1%28,685
Non-GAAP Underlying Profit
$0001H2019
1H2018
1
% ChangeFY2018
Profit for the period
2
92,60196,394-3.9%214,503
Less: fair value movement of investment property
2
(85,710)(92,754)-7.6%(209,930)
Add: realised gain on resales14,30514,915-4.1%28,685
Add: realised development margin27,10825,8225.0%63,683
Add: deferred tax expense
2
(519)839-161.9%1,670
Underlying profit
47,78545,2165.7%98,611
1 Fair value movement of investment property has been restated for 1H2018. Refer to note 1 of the financial statements for further details.
2 Figure has been extracted from the financial statements
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Refer to note 2 of the financial statements
for definitions of the components of underlying profit.

HALF YEAR REPORT 2019
12
Financial
Statements
Income Statement
For the six months ended 30 June 2019
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
NOTES$000
$000
$000
Care fees and village services48,77543,26891,154
Deferred management fees
25,07822,34145,637
Interest received15659226
Other income3--
Total revenue74,01265,668137,017
Fair value movement of investment property4
85,71092,754209,930
Total income159,722158,422346,947
Operating expenses3
(56,899)(52,920)(112,442)
Depreciation and amortisation expense
(3,915)(2,892)(6,685)
Total expenses(60,814)(55,812)(119,127)
Operating profit before financing costs98,908102,610227,820
Net finance costs
(6,826)(5,377)(11,647)
Profit before income tax
92,08297,233216,173
Income tax credit/(expense)519(839)(1,670)
Profit for the period
92,60196,394214,503
Basic earnings per share (cents)741.6643.7697.13
Diluted earnings per share (cents)741.0442.9595.42
1 Fair value movement of investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
The accompanying notes form part of these financial statements.

FINANCIAL STATEMENTS
13
Statement of Comprehensive Income
For the six months ended 30 June 2019
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
$000
$000
$000
Profit for the period92,60196,394214,503
Fair value movement of interest rate swaps(9,329)(1,851)(6,125)
Tax on items of other comprehensive income2,6125191,715
Gain/(loss) on translation of foreign currency operations56(2)5
Other comprehensive income that will be reclassified
subsequently to profit or loss for the period net of tax
(6,661)(1,334)(4,405)
Total comprehensive income for the period85,94095,060210,098
1 Fair value movement of investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
The accompanying notes form part of these financial statements.

HALF YEAR REPORT 2019
14
Statement of Changes in Equity
For the six months ended 30 June 2019
SHARE
CAPITAL
HEDGING
RESERVE
REVALUATION
RESERVE
RETAINED
EARNINGS
FOREIGN
CURRENCY
TRANSLATION
RESERVE
TOTAL
EQUITY
$000$000$000$000$000$000
As at 1 January 2018
1
257,414(5,712)24,941509,143-785,786
Profit for the period---96,394-96,394
Other comprehensive loss
for the period
-(1,332)--(2)(1,334)
Total comprehensive
income/(loss) for the
period
-(1,332)-96,394(2)95,060
Dividends paid---(15,711)-(15,711)
Shares issued
5,785----5,785
Employee share plan
option cost
504----504
As at 30 June 2018
(unaudited)
1
263,703(7,044)24,941589,826(2)871,424
Profit for the period
---118,109-118,109
Other comprehensive
income/(loss) for the
period
-(3,078)--7(3,071)
Total comprehensive
income/(loss) for the
period
-(3,078)-118,1097115,038
Dividends paid
---(13,427)-(13,427)
Shares issued
5,554----5,554
Employee share plan
option cost
210----210
As at 31 December 2018
(audited)
269,467(10,122)24,941694,5085978,799
Profit for the period---92,601-92,601
Other comprehensive loss
for the period
-(6,717)--56(6,661)
Total comprehensive
income/(loss) for the
period
-(6,717)-92,6015685,940
Adoption of NZ IFRS 16---(1,413)-(1,413)
Dividends paid---(16,091)-(16,091)
Shares issued
6,053----6,053
Employee share plan
option cost
553----553
As at 30 June 2019
(unaudited)
276,073(16,839)24,941769,605611,053,841
1 Fair value movement of investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
The accompanying notes form part of these financial statements.

FINANCIAL STATEMENTS
15
Statement of Financial Position
As at 30 June 2019
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
NOTES$000
$000
$000
Assets
Cash and cash equivalents9,10714,7327,482
Trade and other receivables30,17127,23729,836
Interest rate swaps13,5422,0824,626
Property, plant and equipment144,995130,718132,746
Intangible assets6,2116,6806,628
Investment property42,823,8642,269,1102,585,049
Total assets3,027,8912,450,5592,766,367
Liabilities
Trade and other payables
132,36669,15887,238
Employee benefits8,4856,9799,452
Revenue received in advance80,32159,62371,083
Interest rate swaps
23,3879,78414,059
Residents’ loans5
1,206,3881,037,3531,136,792
Interest-bearing loans and borrowings6
499,794379,689452,760
Lease liability
10,256--
Deferred tax liability13,05316,54916,184
Total liabilities1,974,0501,579,1351,787,568
Net assets1,053,841871,424978,799
Equity
Share capital276,073263,703269,467
Reserves8,16317,89514,824
Retained earnings769,605589,826694,508
Total equity attributable to shareholders
1,053,841871,424978,799
1 Investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
The accompanying notes form part of these financial statements.
Authorised for issue on 12 August 2019 on behalf of the Board
Rob Campbell
Director and Chair of the
Board
James Ogden
Director and Chair of the
Audit Committee

HALF YEAR REPORT 2019
16
Statement of Cash Flows
For the six months ended 30 June 2019
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
NOTE$000$000$000
Cash flows from operating activities
Receipts from residents for care fees and village services48,65443,20390,313
Interest received15659226
Payments to suppliers and employees(57,486)(50,510)(107,144)
Receipts for residents' loans - new occupation right
agreements
89,17875,676187,273
Net receipts for residents' loans - resales of occupation
right agreements
12,82924,38147,135
Net cash flow from operating activities93,33192,809217,803
Cash flows to investing activities
(Payments for)/proceeds from investment property:
- land
1,429(2,022)(54,699)
- construction of new villages
(97,489)(77,189)(203,781)
- refurbishment in existing villages
(3,767)(2,313)(5,423)
Payments for property, plant and equipment:
- construction of new care centres(5,010)(11,865)(9,960)
- refurbishments in existing care centres(322)(280)(1,017)
- other(1,758)(2,445)(3,702)
Payments for intangible assets
(162)(1,702)(2,489)
Capitalised interest paid
(5,438)(3,983)(9,325)
Net cash flow to investing activities(112,517)(101,799)(290,396)
Cash flows from financing activities
Net proceeds/(repayments) from bank borrowings37,83231,443(21,337)
Proceeds from issue of retail bonds--125,000
Proceeds from issue of shares3244251,898
Interest paid on borrowings(6,370)(5,361)(13,374)
Payments in relation to lease liabilities(607)--
Net dividends paid8(10,368)(10,351)(19,678)
Net cash flow from financing activities
20,81116,15672,509
Net increase/(decrease) in cash and cash equivalents
1,6257,166(84)
Cash and cash equivalents at beginning of period
7,4827,5667,566
Cash and cash equivalents at end of period9,10714,7327,482
The accompanying notes form part of these financial statements.

FINANCIAL STATEMENTS
17
Reconciliation of Operating Results and Operating Cash Flows
For the six months ended 30 June 2019
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
$000
$000
$000
Net profit for the period92,60196,394214,503
Adjustments for:
Depreciation and amortisation expense3,9152,8926,685
Loss on sale of plant and equipment-76113
Fair value movement of investment property(85,710)(92,754)(209,930)
Net finance costs paid6,8265,37711,647
Deferred tax(519)8391,670
Deferred management fee amortisation
(25,078)(22,341)(45,637)
Foreign exchange movement
62--
Employee share plan option cost
559521714
(99,945)(105,390)(234,738)
Movements in working capital
Increase in trade and other receivables
(4,388)(3,324)(2,390)
Increase/(decrease) in employee benefits
(968)2462,708
Increase in trade and other payables
1,9913,0412,007
Increase in residents’ loans net of non-cash amortisation104,040101,842235,713
100,675101,805238,038
Net cash flows from operating activities93,33192,809217,803
1 Fair value movement of investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
The accompanying notes form part of these financial statements.

HALF YEAR REPORT 2019
18
Notes to the
Financial Statements
For the six months ended 30 June 2019
1. Summary of accounting policies
The interim financial statements presented for the six months ended 30 June 2019 are for Summerset Group Holdings Limited ("the
Company”) and its subsidiaries (collectively “the Group”). The Group develops, owns and operates integrated retirement villages
in New Zealand, including independent living, care centres with rest home and hospital-level care and memory care centres.
Summerset Group Holdings Limited is registered in New Zealand under the Companies Act 1993 and is an FMC Reporting Entity for
the purposes of the Financial Markets Conduct Act 2013. The reporting entity is listed on the New Zealand Stock Exchange (NZX),
being the Company’s primary exchange, and is listed on the Australian Securities Exchange (ASX) as a foreign exempt listing.
The interim financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand
(NZ GAAP), except for note 2 Non-GAAP underlying profit. NZ GAAP in this instance being New Zealand Equivalents to International
Financial Reporting Standards (NZ IFRS) and are in compliance with NZ IAS 34 – Interim Financial Reporting and IAS 34 – Interim
Financial Reporting.
These interim financial statements have been prepared using the same accounting policies as, and should be read in conjunction
with, the Group’s financial statements for the year ended 31 December 2018, except as follows.
Adoption of NZ IFRS 16 - Leases , effective 1 January 2019
During the period, NZ IFRS 16 – Leases has been adopted with effect from 1 January 2019, using the modified retrospective approach,
as permitted under the specific transition provisions in the standard. Under this transition approach, comparative figures are not
restated and an adjustment is made to retained earnings as at the application date (1 January 2019). In addition to using the modified
retrospective approach to transition, the Group has also utilised the following permitted practical expedients: the recognition
exemption for short-term leases (leases with a lease term of up to one year) and leases of low-value assets where appropriate; the
practical expedient which states that an entity is not required to reassess whether a contract is, or contains, a lease at the date of
initial application; and accounting for leases for which the lease ends within 12 months of the date of initial application as short-term
leases.
NZ IFRS 16 -
Leases requires the Group to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for
most lease contracts. The impact of the adoption of this standard on the Group's financial statements has not been material.
Summerset Management Group Limited is a lessee for a number of leases of office buildings, along with being a lessee of minor
office equipment (for example, photocopiers). After utilising the available practical expedients, it is only the Group's lease of office
premises which are required to be recognised under the new standard.
As at 1 January 2019, the Group recognised $8.6m of 'right-of-use assets' in relation to office premise leases along with a lease liability
of $10.6m on its balance sheet. After taking into account an adjustment for lease incentive payments remaining on the balance
sheet prior to adoption of the new standard, this resulted in an adjustment to retained earnings of $1.4m as at 1 January 2019. As at
30 June 2019, the Group records $8.1m of 'right-of-use assets' and a lease liability of $10.3m in the statement of financial position
as a result of adopting the new standard.
In the income statement for the six months ended 30 June 2019, the adoption of the new standard has decreased profit for the
period by $3k (compared to the position had the standard not been in effect). This comprises a decrease in operating expenses
of $0.6m, offset by an increase in depreciation expense of $0.4m and an increase in financing costs of $0.2m.
In the statement of cash flows, lease payments previously classified as operating cash flows have been reclassified as financing cash
flows for principal repayments of the lease liability. For the six months ended 30 June 2019, this has resulted in an increase to net
cash flows from operating activities of $0.6m and a corresponding decrease to net cash flows from financing cash flows of $0.6m
(compared to the position had the standard not been in effect). There has been no impact on actual cash payments.
Occupation right agreements confer the right to occupancy of a retirement unit and are considered leases under NZ IFRS 16 -
Leases.
There is no change to the recognition or measurement of occupation right agreements and the associated deferred management
fee revenue. Deferred management fee revenue continues to be recognised on a straight-line basis in the income statement over
the period of service, being the greater of the expected period of tenure or the contractual right to revenue.

FINANCIAL STATEMENTS
19
The interim financial statements for the six months ended 30 June 2019 are unaudited. They are presented in New Zealand dollars,
which is the Group’s functional currency. All financial information has been rounded to the nearest thousand, unless otherwise
stated.
Segment reporting
The Group operates in one industry, being the provision of integrated retirement villages in New Zealand. The services provided
across all of the Group's villages are similar, as are the type of customer and the regulatory environment. The chief operating decision
makers, the Chief Executive Officer and the Board of Directors, review the operating results of the Group as a whole on a regular
basis. On this basis, the Group has one reportable segment, and the Group results are the same as the results of the reportable
segment. All resource allocation decisions across the Group are made to optimise the consolidated Group's result.
The Group continues to consider expansion into Australia and is actively seeking land for the development of retirement villages.
To date the expenditure incurred has been immaterial to the Group and relates primarily to consultancy and employment costs
associated with considering the expansion.
Comparative information
Comparative information has been updated to reflect the reclassification of work in progress for care centres under development
from investment property to property, plant and equipment.
6 MONTHS
JUN 2018
REPORTED
$000
RECLASS
$000
6 MONTHS
JUN 2018
RECLASSIFIED
$000
Statement of Financial Position
Property, plant and equipment128,0892,629130,718
Investment property2,240,815(2,629)2,238,186
Statement of Cash Flows
Construction of new investment property
(79,818)2,629(77,189)
Construction of new care centres
(9,236)(2,629)(11,865)
The Group has also amended the comparative value of investment property. The fair value of investment property is determined
by an independent registered valuer by undertaking a cash flow analysis to derive a net present value. The fair value of investment
property has been amended to adjust for assets and liabilities recognised in the statement of financial position which are also
reflected in the cash flow analysis, as required by NZIAS 40 – Investment Property. This amendment moves the adjustment to assets
and liabilities from being based on the contractual right to deferred management fees to being based on the expected period of
tenure the deferred management fees are earned over. This amendment has been made by adjusting the investment property
balance for revenue received in advance recognised on the balance sheet. Investment property work in progress has also been
amended to adjust for timing differences associated with the recognition of infrastructure costs.
As a result of these amendments there was a requirement to restate the comparative period. There was no impact on underlying
profit as a result of this restatement. This adjustment is consistent with that made to the comparative period in the 2018 full year
financial statements. No adjustments to periods prior to 31 December 2017 were made on the basis of materiality.

HALF YEAR REPORT 2019
20
Notes to the Financial Statements (continued)
6 MONTHS
JUN 2018
REPORTED
$000
OPENING
BALANCE
RESTATEMENT
1
AMENDMENT
$000
6 MONTHS
JUN 2018
RESTATED
$000
Income Statement
Fair value movement of investment property78,33214,42292,754
Profit for the period81,97214,42296,394
Statement of Financial Position
Investment property2,238,18616,50214,4222,269,110
Retained earnings558,90216,50214,422589,826
1 There was a restatement made to the 31 December 2017 comparatives in the 31 December 2018 financial statements. This restatement has a flow on effect to the 1 January
2018 opening balances for the 30 June 2018 period.
No other comparative information has been restated in the current year.
2. Non-GAAP underlying profit
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
Ref$000$000$000
Profit for the period
92,60196,394214,503
Less fair value movement of investment propertya)
(85,710)(92,754)(209,930)
Add realised gain on resalesc)14,30514,91528,685
Add realised development margind)27,10825,82263,683
(Less)/add deferred tax (credit)/expensee)(519)8391,670
Underlying profit47,78545,21698,611
1 Fair value movement of investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
Underlying profit is a non-GAAP measure and differs from NZ IFRS profit for the period. Underlying profit does not have a standardised
meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
The Directors have provided an underlying profit measure in addition to IFRS profit to assist readers in determining the realised and
unrealised components of fair value movement of investment property and tax expense in the Group’s income statement. The
measure is used internally in conjunction with other measures to monitor performance and make investment decisions. Underlying
profit is a measure which the Group uses consistently across reporting periods. Underlying profit is used to determine the dividend
pay-out to shareholders.
This statement presented is for the Group, prepared in accordance with the Basis of preparation: underlying profit described below.
Basis of preparation: underlying
profit
Underlying profit is determined by taking profit for the period determined under NZ IFRS, adjusted for the impact of the following:
a)Less fair value movement of investment property: reversal of investment property valuation changes recorded in NZ IFRS
profit for the period, which comprise both realised and non-realised valuation movements. This is reversed and replaced with
realised development margin and realised resale gains during the period, effectively removing the unrealised component
of the fair value movement of investment property.
b)Add/(less) impairment/(reversal of impairment) of land: remove the impact of non-cash care centre valuation changes
recorded in NZ IFRS profit for the period. Care centres are valued at least every three years (last valued as at 31 December
2017), with fair value gains flowing through to the revaluation reserve unless the gain offsets a previous impairment to fair
value that was recorded in NZ IFRS profit for the period. Where there is any impairment of a care centre, or reversal of a
previous impairment that impacts NZ IFRS profit for the period, this is eliminated for the purposes of determining underlying
profit.
c)Add realised gain on resales: add the realised gains across all resales of occupation rights during the period. The realised gain
for each resale is determined to be the difference between the licence price for the previous occupation right for a retirement

FINANCIAL STATEMENTS
21
unit and the occupation right resold for that same retirement unit during the period. Realised resale gains are a measure of
the cash generated from increases in selling prices of occupation rights to incoming residents, less cash amounts repaid to
vacated residents for the repayment of the price of their refundable occupation right purchased in an earlier period. Realised
resale gains exclude deferred management fees and refurbishment costs.
d)Add realised development margin: add realised development margin across all new sales of occupation rights during the
period, with the recognition point being the cash settlement. Realised development margin is the margin earned on the first
time sale of an occupation right following the development of a retirement unit. The margin for each new sale is determined
to be the licence price for the occupation right, less the cost of developing that retirement unit.
Components of the cost of developing retirement units include directly attributable construction costs and a proportionate
share of the following costs:
•infrastructure costs
•land cost on the basis of the purchase price of the land
•interest during the build period
•head office costs directly related to the construction of retirement unit
All costs above include non-recoverable GST.
Development margin excludes the costs of developing common areas within the retirement village (including a share of
the proportionate costs listed above). This is because these areas are assets that support the sale of occupation rights for not
just the new sale, but for all subsequent resales. It also excludes the costs of developing care centres, which are treated as
property, plant and equipment for accounting purposes.
Where costs are apportioned across more than one asset, the apportionment methodology is determined by considering
the nature of the cost.
e)Add/(less) deferred tax expense/(credit): reversal of the impact of deferred taxation.
Underlying profit does not include any adjustments for abnormal items or fair value movements on financial instruments that
are included in NZ IFRS profit for the period.
3. Operating expenses
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
$000$000$000
Employee expenses
33,97730,58165,387
Property-related expenses
6,0955,20110,967
Repairs and maintenance expenses2,4182,4334,488
Other operating expenses14,40914,70531,600
Total operating expenses56,89952,920112,442
4. Investment property
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
$000
$000
$000
Balance at beginning of period2,585,0492,069,6622,069,662
Additions153,105106,705305,492
Disposals-(12)(35)
Fair value movement
85,71092,754209,930
Total investment property2,823,8642,269,1102,585,049
1 Fair value movement of investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.

HALF YEAR REPORT 2019
22
Notes to the Financial Statements (continued)
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
$000
$000
$000
Development land measured at fair value
2
248,869155,500212,923
Retirement villages measured at fair value2,360,2991,924,1052,204,354
Retirement villages under development measured at cost214,695189,505167,772
Total investment property2,823,8642,269,1102,585,049
1 Investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
2 Included in development land is land acquired close to reporting date and as such this was excluded from the CBRE valuation of investment property. These pieces of land
have been accounted for at cost, which has been determined to be fair value due to the proximity of the transaction to reporting date. At 30 June 2019 the land at cost was
$77.3 million (Jun 2018: nil, Dec 2018: $36.9 million).
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
1
12 MONTHS
DEC 2018
AUDITED
$000
$000
$000
Manager's net interest
1,537,1551,172,1341,377,174
Plus: revenue received in advance
80,32159,62371,083
Plus: liability for residents' loans1,206,3881,037,3531,136,792
Total investment property2,823,8642,269,1102,585,049
1 Investment property has been restated for the 30 June 2018 period. Refer to note 1 of the financial statements for further details.
The Group is unable to reliably determine the fair value of non-land retirement villages under development at 30 June 2019 and
therefore these are carried at cost. This equates to $214.7 million of investment property (Jun 2018: $189.5 million, Dec 2018:
$167.8 million).
The fair value of investment property as at 30 June 2019 was determined by CBRE Limited, an independent registered valuer. The
fair value of the Group’s investment property is determined on a semi-annual basis, based on market values, being the estimated
amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s
length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
To assess the fair value of the Group’s interest in the village, CBRE has undertaken a cash flow analysis to derive a net present value.
A desktop valuation was completed as at 30 June 2019. There has been no change in valuation technique since the previous full
valuation which was completed as at 31 December 2018 (next full valuation due 31 December 2019).
As required by NZ IAS 40 -
Investment Property, the fair value as determined by the independent registered valuer is adjusted for
assets and liabilities already recognised on the balance sheet which are also reflected in the cash flow analysis.
Significant assumptions used by the valuer include a discount rate of between 13.5% and 16.5% (Jun 2018 and Dec 2018: between
13.5% to 16.5%) and a long term nominal house price inflation rate (growth rate) of between 0% and 3.5% (Jun 2018 and Dec 2018
between 0% to 3.5%). Other assumptions used by the valuer include the average entry age of residents of between 72 years and 89
years (Jun 2018: 72 years and 96 years; Dec 2018: 72 years and 90 years) and the stabilised departing occupancy periods of retirement
units of between 3.7 years and 9.0 years (Jun 2018: 3.6 years and 8.9 years; Dec 2018: 3.7 years and 9.0 years).
As the fair value of investment property is determined using inputs that are unobservable, the Group has categorised investment
property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 –
Fair Value Measurement.
Sensitivity analysis to
significant changes in unobservable inputs within Level 3 of the hierarchy
To assess the market value of the Group's interest in a retirement village, CBRE has undertaken a cash flow analysis to derive a net
present value. As the fair value of investment property is determined using inputs that are significant and unobservable, the Group
has categorised investment property as Level 3 under the fair value hierarchy in accordance with NZ IFRS 13 - Fair Value
Measurement.
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of
the entity’s portfolios of investment property are the discount rate, the long-term nominal house price inflation rate (growth rate),
the average entry age of residents and the occupancy period of units. A significant decrease (increase) in the discount rate or the
occupancy period of units would result in a significantly higher (lower) fair value measurement and a significant increase (decrease)
in the average entry age of residents, or the growth rate would result in a significantly higher (lower) fair value measurement.

FINANCIAL STATEMENTS
23
Security
At 30 June 2019, all investment property relating to registered retirement villages under the Retirement Villages Act 2003 are subject
to a registered first mortgage in favour of the Statutory Supervisor to secure the Group’s obligations to the occupation right
agreement holders.
5. Residents' loans
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
$000$000$000
Balance at beginning of period1,355,5351,134,0691,134,069
Net receipts for residents' loans - resales of occupation right agreements5,81218,82434,193
Receipts for residents' loans - new occupation right agreements89,17875,676187,273
Total gross residents’ loans1,450,5251,228,5691,355,535
Deferred management fees receivable(244,137)(191,216)(218,743)
Total residents’ loans1,206,3881,037,3531,136,792
The fair value of residents’ loans at 30 June 2019 is $846.6 million (Jun 2018: $706.2 million; Dec 2018: $781.7million). The method
of determining fair value is disclosed in Note 15 of the Group’s financial statements for the year ended 31 December 2018. As the
fair value of residents’ loans is determined using inputs that are unobservable, the Group has categorised residents’ loans as Level
3 under the fair value hierarchy in accordance with NZ IFRS 13 – Fair Value Measurement.
6. Interest-bearing loans and borrowings
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
$000$000$000
Repayable after 12 months
Secured bank loansFloating
264,335279,282226,503
Retail bond - SUM0104.78%100,000100,000100,000
Retail bond - SUM0204.20%125,000-125,000
Total loans and borrowings at face value489,335379,282451,503
Issue costs for retail bonds capitalised
Opening balance(3,290)(1,840)(1,840)
Capitalised during the period--(1,874)
Amortised during the period301167424
Total loans and borrowings at amortised cost
486,346377,609448,213
Fair value adjustment on hedged borrowings13,4482,0804,547
Carrying value of interest-bearing loans and borrowings
499,794379,689452,760
The weighted average interest rate for the six months to 30 June 2019 was 3.73% (Jun 2018: six-month average 4.17%; Dec 2018: 12-
month average 4.17%). This includes the impact of interest rate swaps. 59% of the floating rate debt principal outstanding is hedged
with interest rate swaps at 30 June 2019 (Jun 2018: 54%; Dec 2018: 59%).
The secured bank loan facility at 30 June 2019 has a limit of NZD$500.0 million (June 2018: $500.0 million; Dec 2018:$500.0 million).
Lending of $185.0 million expires in August 2020 and $315.0 million of lending expires in March 2022.

HALF YEAR REPORT 2019
24
Notes to the Financial Statements (continued)
The Group has issued two retail bonds. The first retail bond was issued for $100.0 million in July 2017 and has a maturity date of
11 July 2023. This retail bond is listed on the NZX Debt Market (NZDX) with the ID SUM010. The second retail bond was issued for
$125.0 million in September 2018 and has a maturity date of 24 September 2025. This retail bond is listed on the NZX Debt Market
(NZDX) with the ID SUM020.
Security
The banks loans and retail bonds rank equally with the Group’s other unsubordinated obligations and are secured by the following
securities held by a security trustee:
•a first ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
New Zealand-incorporated guaranteeing Group member that is not a registered retirement village under the Retirement Villages
Act 2003;
•a second ranking registered mortgage over the land and permanent buildings owned (or leased under a registered lease) by
each New Zealand-incorporated guaranteeing Group member that is a registered retirement village under the Retirement
Villages Act 2003 (behind a first ranking registered mortgage in favour of the Statutory Supervisor);
•a first ranking registered mortgage over all land and permanent buildings owned (or leased under a registered lease) by each
Australian-incorporated guaranteeing Group member;
•a General Security Deed, which secures all assets of the New Zealand- incorporated guaranteeing Group members, but in respect
of which the Statutory Supervisor has first rights to the proceeds of security enforcement against all assets of the registered
retirement villages to which the security trustee is entitled;
•a General Security Deed, which secures all assets of the Australian-incorporated guaranteeing Group members; and
•a Specific Security Deed in respect of each marketable security of Summerset Holdings (Australia) Pty Limited, held by
Summerset Holdings Limited.
7. Earnings per share and net tangible assets
Basic earnings per share
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
Earnings ($000)
92,60196,394214,503
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
222,258220,267220,835
Basic earnings per share (cents per share)41.6643.7697.13
Diluted earnings per share
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
Earnings ($000)92,60196,394214,503
Weighted average number of ordinary shares for the purpose of earnings
per share (in thousands)
225,649224,420224,810
Diluted earnings per share (cents per share)
41.0442.9595.42

FINANCIAL STATEMENTS
25
Number of shares (in thousands)
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
Weighted average number of ordinary shares for the purpose of earnings
per share (basic)
222,258220,267220,835
Weighted average number of ordinary shares issued under employee share
plans
3,3914,1533,975
Weighted average number of ordinary shares for the purpose of earnings
per share (diluted)
225,649224,420224,810
At 30 June 2019, there were a total of 3,072,488 shares issued under employee share plans held by Summerset LTI Trustee Limited
(Jun 2018: 4,094,072 shares; Dec 2018: 3,681,569 shares).
Net tangible assets per share
6 MONTHS
JUN 2019
UNAUDITED
6 MONTHS
JUN 2018
UNAUDITED
12 MONTHS
DEC 2018
AUDITED
Net tangible assets ($000)
1,047,630864,743972,171
Shares on issue at end of period (basic and in thousands)
222,679220,676221,734
Net tangible assets per share (cents per share)470.47391.86438.44
Net tangible assets are calculated as the total assets of the Group minus intangible assets and minus total liabilities. This measure
is provided as it is commonly used for comparison between entities.
8. Dividends
On 21 March 2019, a dividend of 7.2 cents per ordinary share was paid to shareholders (2018: on 22 March 2018 a dividend of 7.1
cents per ordinary share was paid to shareholders and on 10 September 2018 a dividend of 6.0 cents per ordinary share was paid
to shareholders).
A dividend reinvestment plan applied to the dividend paid on 21 March 2019 and 866,704 ordinary shares were issued in relation to
the plan (2018: 810,284 ordinary shares were issued in relation to the plan for the 22 March 2018 dividend and 541,363 ordinary shares
were issued in relation to the plan for the 10 September 2018 dividend).
9. Commitments and contingencies
Guarantees
At 30 June 2019, NZX Limited held a guarantee in respect of the Group, as required by the NZX Listing Rules, for $75,000 (Jun 2018
and Dec 2018: $75,000).
Summerset Retention Trustee Limited holds guarantees in relation to retentions on construction contracts on behalf of the Group.
At 30 June 2019 $7.5 million was held for the benefit of the retentions beneficiaries (Jun 2018: nil; Dec 2018: $7.5 million).
Capital commitments
At 30 June 2019, the Group had $75.6 million of capital commitments in relation to construction contracts (Jun 2018: $67.3 million;
Dec 2018: $83.0 million).
Contingent liabilities
There were no known material contingent liabilities at 30 June 2019 (Jun 2018 and Dec 2018: nil).

HALF YEAR REPORT 2019
26
Notes to the Financial Statements (continued)
10. Subsequent events
On 22 July 2019, 148,400 shares were issued under the Group's all-staff employee share plan at $5.6938 per share. The shares are
held by Summerset LTI Trustee Limited and vest to participating employees after a three-year period, subject to meeting the criteria
of the plan.
On 12 August 2019, the Directors approved an interim dividend of $14.5 million, being 6.4 cents per share. The dividend record date
is 27 August 2019 with a payment date of 9 September 2019.
There have been no other events subsequent to 30 June 2019 that materially impact on the results reported .

FINANCIAL STATEMENTS
27
Review report to the Shareholders of Summerset Group Holdings Limited
("the company") and its subsidiaries (together "the group")
We have reviewed the interim financial statements on pages 12 to 26, which comprise the statement of financial position of the
group as at 30 June 2019 and the income statement, statement of comprehensive income, statement of changes in equity and
statement of cash flows of the group for the six month period ended on that date, and a summary of significant accounting policies
and other explanatory information.
This report is made solely to the company's shareholders, as a body. Our review has been undertaken so that we might state to
the company's shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
shareholders as a body, for our review work, for this report, or for our findings.
Directors’ responsibilities
The directors are responsible for the preparation and fair presentation of interim
financial statements which comply with New
Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting and for such internal control as the directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free from material
misstatement, whether due to fraud or error.
Reviewer's responsibilities
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted our review in
accordance with NZ SRE 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity. NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken
as a whole, are not prepared in all material respects, in accordance with New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting. As the auditor of the group, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
Basis of statement
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs
procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on those financial statements.
Other than in our capacity as auditor we have no relationship with, or interests in, the group.
Conclusion
Based on our review nothing has come to our attention that causes us to believe that the accompanying interim financial statements,
set out on pages 12 to 26, do not present fairly, in all material respects, the financial position of the group as at 30 June 2019 and its
financial performance and cash flows for the six month period ended on that date in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting
Our review was completed on 12 August 2019 and our findings are expressed as at that date.
Ernst & Young
Wellington
12 August 2019

HALF YEAR REPORT 2019
28
Directory
Northland
Summerset Whangarei*
Wanaka Street, Tikipunga,
Whangarei 0112
Phone (09) 470 0282
Auckland
Summerset Falls
31 Mansel Drive,
Warkworth 0910
Phone (09) 425 1200
Summerset Milldale*
Argent Lane, Milldale,
Wainui 0992
Phone 0800 786 637
Summerset at Monterey Park
1 Squadron Drive, Hobsonville,
Auckland 0618
Phone (09) 951 8920
Summerset at Heritage Park
8 Harrison Road, Ellerslie,
Auckland 1060
Phone (09) 950 7960
Summerset by the Park
7 Flat Bush School Road,
Flat Bush 2019
Phone (09) 272 3950
Summerset at Karaka
49 Pararekau Road,
Karaka 2580
Phone (09) 951 8900
Summerset Parnell*
23 Cheshire Street, Parnell,
Auckland 1052
Phone (09) 950 8212
Summerset St Johns*
188 St Johns Road, St Johns,
Auckland 1072
Phone (09) 950 7982
Waikato
Summerset down the Lane
206 Dixon Road,
Hamilton 3206
Phone (07) 843 0157
Summerset Rototuna
39 Kimbrae Drive,
Rototuna North 3281
Phone (07) 981 7822
Summerset Cambridge*
80 Laurent Road,
Cambridge
Phone (07) 839 9482
Summerset by the Lake
2 Wharewaka Road,
Wharewaka, Taupo 3330
Phone (07) 376 9470
Bay of Plenty
Summerset by the Sea
181 Park Road,
Katikati 3129
Phone (07) 985 6890
Summerset by the Dunes
Manawa Road,
Papamoa Beach, Tauranga
Phone (07) 542 9082
Hawke’s Bay
Summerset in the Bay
79 Merlot Drive,
Greenmeadows, Napier 4112
Phone (06) 845 2840
Summerset in the Orchard
1228 Ada Street, Parkvale,
Hastings 4122
Phone (06) 974 1310
Summerset Te Awa
Corner Eriksen Road and
Kenny Road,
Te Awa, Napier 4110
Phone: (06) 833 5852
Summerset in the Vines
249 Te Mata Road,
Havelock North 4130
Phone (06) 877 1185
Taranaki
Summerset Mountain View
35 Fernbrook Drive, Vogeltown,
New Plymouth 4310
Phone (06) 824 8900
Summerset at Pohutukawa
Place*
Pohutukawa Place,
New Plymouth, 4312
Phone (06) 824 8532

DIRECTORY
29
* Proposed villages
Manawatu – Wanganui
Summerset in the River City
40 Burton Avenue, Wanganui
East, Wanganui 4500
Phone (06) 343 3133
Summerset on Summerhill
180 Ruapehu Drive, Fitzherbert,
Palmerston North 4410
Phone (06) 354 4964
Summerset by the Ranges
102 Liverpool Street,
Levin 5510
Phone (06) 367 0337
Wellington
Summerset Waikanae*
Park Avenue,
Waikanae 5036
Phone (04) 293 0002
Summerset on the Coast
104 Realm Drive,
Paraparaumu 5032
Phone (04) 298 3540
Summerset on the Landing
Bluff Road, Kenepuru,
Porirua 5022
Phone (04) 230 6722
Summerset at Aotea
15 Aotea Drive, Aotea,
Porirua 5024
Phone (04) 235 0011
Summerset at the Course
20 Racecourse Road, Trentham,
Upper Hutt 5018
Phone (04) 527 2980
Summerset Lower Hutt*
Boulcott’s Farm, Military Road,
Lower Hutt 5010
Phone (04) 568 1442
Nelson – Tasman
Summerset in the Sun
16 Sargeson Street, Stoke,
Nelson 7011
Phone (03) 538 0000
Summerset Richmond Ranges
1 Hill Street North, Richmond,
Tasman 7020
Phone (03) 744 3432
Marlborough
Summerset Blenheim*
183 Old Renwick Road,
Blenheim
Phone (03) 520 6042
Canterbury
Summerset Rangiora*
141 South Belt,
Rangiora
Phone (03) 364 1312
Summerset at Wigram
135 Awatea Road, Wigram,
Christchurch 8025
Phone (03) 741 0870
Summerset at Avonhead
120 Hawthornden Road,
Avonhead, Christchurch 8042
Phone (03) 357 3202
Summerset on Cavendish
147 Cavendish Road,
Casebrook, Christchurch 8051
Phone (03) 741 3340
Otago
Summerset at Bishopscourt
36 Shetland Street, Wakari,
Dunedin 9010
Phone (03) 950 3102

HALF YEAR REPORT 2019
30
Registered offices
New Zealand
Level 27, Majestic Centre,
100 Willis Street, Wellington 6011,
New Zealand
PO Box 5187,
Wellington 6140
Phone: +64 4 894 7320
Email: reception@summerset.co.nz
www.summerset.co.nz
Australia
Deutsche Bank Place,
Level 4, 126 Phillip Street,
Sydney, NSW, 2000
Australia
Auditor
Ernst & Young
Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Bank of New Zealand Limited
Commonwealth Bank of Australia
National Australia Bank Limited
Company
Information
Statutory Supervisor
Public Trust
Bond Supervisor
The New Zealand Guardian Trust
Company Limited
Share Registrar
Link Market Services,
PO Box 91976, Auckland 1142,
New Zealand
Phone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Directors
Rob Campbell
Dr Marie Bismark
James Ogden
Gráinne Troute
Anne Urlwin
Dr Andrew Wong
Company Secretary
Leanne Walker

Completed villages
In development
Proposed villages
Dunedin
Casebrook
Paraparaumu
Levin
Palmerston North
Wanganui
New Plymouth
Richmond
Nelson
Lower Hutt
Havelock North
Hastings
Taup o
Katikati
Manukau
St Johns
Warkworth
Milldale
Hobsonville
Ellerslie
Karaka
Parnell
Hamilton
Rototuna
Aotea
Wigram
Blenheim
Avonhead
Pohutukawa Place
Waikanae
Trentham
Rangiora
Kenepuru
Whangarei
Cambridge
Te Awa
Napier
Papamoa Beach

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)



Results for announcement to the market
Name of issuer Summerset Group Holdings Limited
Reporting Period 6 months to 30 June 2019
Previous Reporting Period 6 months to 30 June 2018
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$74,012 +12.7%
Total Revenue $74,012 +12.7%
Net profit/(loss) from
continuing operations after
tax
$92,601 -3.9%
Total net profit/(loss) after tax $92,601 -3.9%
Underlying profit* $47,785 +5.7%
Interim Dividend
Amount per Quoted Equity
Security
$0.064 per Ordinary Share
Imputed amount per Quoted
Equity Security
Not imputed
Record Date 27 August 2019
Dividend Payment Date 9 September 2019
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$4.70 $3.92
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
See also other attached documents (half year report, media
release, results presentation and distribution notice).
Underlying profit is a non-GAAP measure and differs from
NZ IFRS profit for the period. Underlying profit does not
have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial
information presented by other entities. The Directors have
provided an underlying profit measure in addition to IFRS
profit to assist readers in determining the realised and
unrealised components of fair value movement of
investment property and tax expense in the Group’s income
statement. The measure is used internally in conjunction
with other measures to monitor performance and make
investment decisions. Underlying profit is a measure which
the Group uses consistently across reporting periods.
Underlying profit is used to determine the dividend pay-out
to shareholders.

Authority for this announcement
Name of person

authorised
to make this announcement
Scott Scoullar
Contact person for this
announcement
Scott Scoullar
Contact phone number 029 894 7317
Contact email address scott.scoullar@summerset.co.nz
Date of release through MAP

13 August 2019

Unaudited financial statements accompany this announcement.

---

Distribution Notice



Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuer Summerset Group Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SUM
ISIN (If unknown, check on NZX
website)
NZSUME0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 27/08/2019
Ex-Date (one business day before
the Record Date)
26/08/2019
Payment date (and allotment date for
DRP)
09/09/2019
Total monies associated with the
distribution
1

$14,457,578.11
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.064
Total cash distribution
3
$0.064
Excluded amount (applicable to listed
PIEs)
$0.00
Supplementary distribution amount $0.00
Section 3: Imputation credits and Resident Withholding Tax
4

Is the distribution imputed No imputation
If fully or partially imputed, please
state imputation rate as % applied
N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$0.02112

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RWT amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RWT. This does not constitute advice
as to whether or not RWT needs to be withheld.

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
28/08/2019 03/09/2019
Date strike price to be announced (if
not available at this time)
04/09/2019
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
New issue
DRP strike price per financial product
TBA
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
28/08/2019
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Scott Scoullar
Contact person for this
announcement
Scott Scoullar
Contact phone number 029 894 7317
Contact email address scott.scoullar@summerset.co.nz
Date of release through MAP

13/08/2019